Shanghai copper kicks off 2026 strong on supply jitters

Shanghai copper opened the year strong on Monday as supply concerns intensified following a strike at a Chilean mine.

The most-active copper contract on the Shanghai Futures Exchange was up 2.02% at 100,690 yuan ($14,424.26) per metric ton, as of 0315 GMT, reclaiming the 100,000 yuan level on the first trading day of 2026.

The benchmark three-month copper on the London Metal Exchange climbed 2.86% to $12,826.5 a ton.

Earlier in the day, the contract climbed as much as 3.28% and approached a record of $12,960 set last year.

Copper prices were supported as hundreds of miners went on strike at Capstone Copper’s Mantoverde copper and gold mine in northern Chile, after negotiations between the main union and the company on new labour contracts fell apart.

Supply concerns continued to intensify following the strike going into 2026, after mine disruptions, regional dislocations under US tariffs boosted a record-setting rally of copper in the past year. Meanwhile, Ivanhoe Mines announced first anode production from Kamoa-Kakula Copper Smelter on Friday.

Most base metals drifted stronger on Monday, though investors are still assessing the impact of the US military operation against Venezuela over the weekend that captured President Nicolas Maduro.

Aluminium opened the year strong.

The Shanghai aluminium rose as much as 4.57% to 23,750 yuan a ton, a more than four-year high.

London benchmark aluminium climbed 1.77% to $3,069 a ton, its highest point in 3-1/2 years.

The Shanghai most-active tin rose 2.33%, while the London benchmark tin soared 5.13%.

Elsewhere in Shanghai, zinc rose 2.58%, lead added 1.07%, and nickel nudged 0.44% higher.

Among other LME metals, zinc added 1.52%, lead climbed 0.80%, while nickel dipped 0.06%.